BusinessWeek Mindanao (October 1, 2013)

INSIDE LOOK

Ayala Land launches P6B bond offer

Economy

PAGE 14

Ayala group brings back Volkswagen; Beetle in 2014 Corporate World

DA: Farmers may import 60% of PHL’s onion requirements

PAGE 15

Agri-Business

PAGE 16

Mariwasa and two other SCG subsidiaries awarded Billboard

MINDANAO DAILY NEWS SECOND SECTION

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Tuesday - October 1, 2013

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IN-DEPTH

Page 13

Market Indicators

As of 6:14 pm sept. 30, 2013 (Monday)

FOREX

PHISIX

US$1 = P43.54

6,191.80 points

20 cents

X

188.01 points

Briefly Tax revenue INCOME taxes has remained as the top revenue earner for Northern Mindanao posting P1.52 billion in the second quarter of this year, higher by 13 percent from the P1.34 billion income tax collections in the same quarter last year.

Based on the reports of the Bureau of Internal Revenue (BIR) in the region, collections from income taxes accounted for 68 percent of the total tax collections in the region.

The highest inc ome ta x collection was posted by Revenue District 98 in Cagayan de Oro at P828.42 million, said Engr.

Cecilio Clarete, Chief Economic Development Specialist of National Economic Development Authority (NEDA) in the region in a media forum held recently, here.

This was followed by RD 101 in Iligan with P274.80 million and RD 99 in Bukidnon with P 234.39 million.

Horror filmfest DAVAO C i t y - - H o r r o r f i l m aficionados will have their fill of cinematic entertainment courtesy of several local filmmakers with the holding of Ngilngig: The first Davao Horror Film Festival.

The first horror film festival in Davao is a collection of Davao’s finest films in the suspense/ horror/thriller genre made by local filmmakers.

According to Bagane Fiola organizer of the event, he noticed that many local filmmakers have been making horror/suspense genre films and submitting it to regular festivals such as the Mindanao Film Festival. Thus he came up with an idea of gathering similar types of these films into one festival.

Some of the films were made from 2008 up until 2012. “These are diverse films from horrormacabre, ghost stories, slasher flicks, psycho -thriller among others.”Fiola said.

By ROMELDA ASCUTIA, Contributor

ALARMING international news reports about baby milk formulas being laced with toxins and product recalls of foodstuff discovered to be tainted with poisonous chemica ls highlight t he growing global clamor for tighter measures to secure food safety.

In light of t hese developments, the Department of Agriculture (DA) said the Philippine food sector players will do well to boost their production

process by adding a food defense plan to their existing food safety plan.

The department is the lead agency finalizing the Food Defense Guidelines for Industr y and is currently conducting public consultations with multisectoral stakeholders for input and feedback on the draft.

Un l i k e f o o d s a f e t y which involves preventing unintentional contamination, food/PAGE 23

INTO THE BARREL. Komang Putra Hermawan, of Bali, Indonesia, gets into the barrel of the Cloud 9 wave, giving him the point advantage to win the men’s finals of the 19th Siargao International Surfing Cup in General Luna.

7% growth won’t lick poverty W

By GRACE BEBER, Reporter with WIRE Reports

ITH only a growth of about 6-7 percent, the country may not be able to make significant strides in reducing poverty in the near term, a banking analyst said.

During the recent BPI Secu r it ies 2014 Ma rket Outlook Conference, Bank of the Philippine Islands (BPI) lead economist Jun Neri sa id t he count r y’s g ross domest ic product (GDP) growth of 6 percent to 7 percent is within the country’s reach and is proof that the Philippine economy is resilient compared to its neighboring countries.

However, Neri said to

be able to reduce poverty this year and next year, the economy has to post a growth of 8 percent to 10 percent. This kind of growth, Neri said, is unlikely given the lack of infrastructure support needed to attain and sustain this growth.

“While we can sustain the 6-percent to 7-percent growth, the likelihood [that we will] reduce poverty in the next year or so is with

8-percent to 10 -percent expansion. My view is that it’s not likely to happen because we’re not building the capacity to be able to grow that much,” Neri said.

While the Philippines is now considered as a preferred i nve st ment de st i nat ion among emerging countries, much needs to be done in terms of the ease of doing business and infrastructure developments in the country.

Neri added that, unfortunately, increased infrastructure spending is not happening in the country.

He sa id t he Ph i l ippi ne economy’s growth is going to “stop at 6-percent to 7-percent growth for a while.” poverty/PAGE 23

mindanews photo by erwin mascarinas

New NGCP line for GenSan in anticipation of load growth

By BONG S. SARMIENTO, MindaNews

KORONADAL City -- The National Grid Corp. of the Philippines (NGCP) is reinforcing its existing high-voltage transmission line from Matanao town in Davao del Sur to General Santos City in anticipation of growth load in the “Tuna Capital of the Philippines.”

Cynthia Perez-Alabanza said in a statement Monday that the company started constructing the new MatanaoGeneral Santos 138-kilovolt (kV) line in October last year.

“The 70-kilometer transmission line project will support the capacity of the General Santos City Substation, which is expected to increase in 2015,” she said.

“The project aims to fully accommodate the expected load growth of the General Santos Substation to prevent future overloading and line tripping,” she added.

Another component of the project is the expansion on either end of the Matanao-General Santos 138-kV line, which includes the installation of power circuit breakers and corresponding accessories that will protect the substation equipment from damage in case of overloading, the NGCP said.

NGCP/PAGE 23

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14 Mindanao Daily NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Cheng Ordoñez , e-mail- cheng.ordonez@gmail.com

Economy

Ayala Land launches P6B bond offer MANILA -- Property giant Ay a l a L a nd I nc . (A L I) commenced on Monday its week-long public offer of P6 billion bonds.

The P4 billion bonds due 2020 carry a coupon rate of 4.625 percent; while the P2 billion of bonds due 2033 has a rate of 6.00 percent.

T he bond s due 2033 represent the longest tenor for a domestic corporate bond to date.

Issue and listing date for the bonds is scheduled on October 10.

BPI C apit a l C or p., BDO Capital & Investment C or p. a nd Fi r s t Me t ro Investment Corp. are joint le a d u nd e r w r it e r s a nd bookrunners.

In July, the real estate developer also offered to

the public P15 billion bonds due 2024, its largest debt issue for a single tenor to date.

ALI utilized proceeds of the offering to partially finance its capital expenditure program for

the year.

The firm has earmarked over P65 bi l l ion for its capita l expenditures program this year to finance current developments and to launch new residential and leasing projects. (PNA)

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Income taxes remain as NorMin’s top revenue earner in 2Q 2013

CAGAYAN DE ORO CITY -- Income taxes has remained as the top revenue earner for Northern Mindanao posting P1.52 billion in the second quarter of this year, higher by 13 percent from the P1.34 billion income tax collections in the same quarter last year.

Based on the reports of the Bureau of Internal Revenue (BIR) in the region, collections from income taxes accounted for 68 percent of the total tax collections in the region.

The highest income tax collection was posted

by Revenue District 98 in Cagayan de Oro at P828.42 million, said Engr. Cecilio Clarete, Chief Economic Development Specialist of National Economic Development Authority (NEDA) in the region in a media forum held recently, here.

This was followed by RD 101 in Iligan with P274.80 million and RD 99 in Bukidnon with P 234.39 million.

Income tax collection of RD 100 in Ozamiz was recorded at P130.73 million while RD 97 in Gingoog City was at P57.22 million.

Collection from value-added tax (VAT), on the other hand, was registered at P510.19 million during the quarter.

The VAT collections during the period which accounted 23 percent of the total regional tax collections increased by 28 percent compared to the P399.81 million collections in the same period last year.

Clarete said the good collection performance of BIR is attributed to the Burea’’s priority reforms such as the name-and-shame campaign against erring tax evaders, run after tax evaders, and Oplan Kandado.

Oplan Kandado is an initiative which imposes administrative sanctions on firms for non compliance of requirements such as issuance of receipts and VAT registration, among others. (APB/PIA-10)

DOLE orders probe into alleged NorthMin continues to post 3,000 Chinese working in Bataan, growths in revenue generation Batangas without permits

By Josine F. Estuye

By Cheng Ordonez

CAGAYAN DE ORO CITY – Northern Mindanao has continued to post increases in both tax and customs collections this year, according to the Regional Office 10 of the National Economic Development Authority (NEDA 10).

N E DA-10 C h ief Econom ic Development S p e c i a l i s t C e c i l i o Y. Cla rete sa id t he reg ion posted P2.26 billion ta x col lections in t he second quar ter of 2013, surpassing by 15 percent its P1.96 billion record in the same quarter in 2012.

W hile t he biggest i nc r e a s e of 3 0 p e rc e nt wa s posted by Re venue D i s t r i c t ( R D) 1 0 1 i n Iliga n Cit y, he sa id R D 9 8 i n C a g ay a n d e O r o Cit y sti l l accounted t he bulk of collections in the region, representing 55.3 percent of t he reg iona l

tota l col lections.

B a s e d on t he re p or t submitted by t he Bureau of Internal Revenue (BIR) in the region, CDO posted P1.25 bi l lion col lections during the quarter fol lowed by Iliga n w it h P398.79 million and RD 99 in Bukidnon with P327.48 mi l lion.

RD 100 in Ozamiz City recorded P192.72 million whi le R D 97 in Gingoog City posted P90.95 million tax collections during the sa me period.

Clarete said the positive grow t hs showed t hat t he programs implemented by

t he Bureau pa r t icu la rly t h e “ R u n A f t e r Ta x E v a d e r s ” ( R AT E ) a n d “Opla n Ka ndado” a re pay ing of f. “ Ta x p ay e r s a re n ow paying religiously because t hey a re a f ra id t heir businesses w i l l be pad locked or case of ta x avoid a nce w i l l be f i led against t hem,” he said.

Customs col lect ions, on t he ot her ha nd, a lso recorded a f ive percent increase during the second quar ter of t his year.

Clarete said the Bureau of Customs col lected P1.578 bi l lion c u s t om s dut i e s du r i n g the period exceeding the P1. 5 07 bi l l ion c u s tom s col lec t ions i n t he sa me quar ter in 2012.

The customs collection realized during the quar ter was a lso P223

million or 16 percent more t ha n t he P1. 355 bi l l ion col lection target for t he quar ter.

T h e Mindanao Container Termina l Sub Por t (MCT-SP) rema ins to be the biggest collector of customs duties in t he r e g i on for t h e q u a r t e r s h a r i n g P1. 351 b i l l i o n or 86 percent of the tota l regiona l col lections.

The col lections from the MCT-SP increased by P92.108 billion offsetting t he 15 percent decrease i n t he col lec t ions f rom t he Cagayan de Oro por t and the tremendous d e c re a s e of 87 p e rc e nt in t he col lections of t he Oza miz sub por t.

Clarete said both ports are still feeling the ef fect of t he tra nsfer of transactions to the MCTSP.

Amid reports that thousands of Chinese nationals are illega lly work ing in construction sites in Bataan and Batangas, Labor and E mploy me nt S e c re t a r y Rosalinda Baldoz instructed concerned DOLE regional d i r e c t o r s t o pr o mp t l y investigate the allegations.

In a statement, Baldoz said that upon receiving report from the Trade Union Congress of the Philippines that some 3,000 Chinese n at ion a l s a re i l le g a l l y working in construction sites in Bataan and Batangas, she ordered regional directors Raymundo Agravante and Zenaida Campita of DOLE Regional Office Nos. 3 and 4-A, respectively to conduct immediate investigation and strictly enforce rules and regulations on the issuance of employment permits to foreign nationals.

“This is about strictly enforcing the revised rules

for the issuance of alien employment permits (AEPs) which our regional offices have direct responsibility.

I have already instructed the two regional directors concerned and in fact, this goes true with the other DOLE regional directors to look into this matter and, if found to have basis, act to strictly enforce the rules,” said Baldoz.

Ba ldoz’ order to t he regional directors include: t he i nventor y check of the data bases of foreign nationals issued the AEP; a nd cross-check i ng t he companies that applied for the AEPs in their respective areas of jurisdiction.

“They have to check also the contracts of employment of these foreign nationals, the mayor’s permit to operate the business, and certification from t he Phi lippine Economic Zone Authority dole/PAGE 21

Domestic Liquidity Growth is sustained in August M A N I L A - - D om e s t i c liquidity (M3) increased by 30.9 percent year-on-year (y-o-y) at end-August 2013 to reach P6.0 trillion following a growth of 30.1 percent in July 2013.

On a month-on-month (m-o-m) basis, seasonallyadjusted M3 was broadly unchanged after expanding by 8.5 percent (revised) m-o-m in July.

Money supply growth was driven largely by the expansion in credits to the domestic economy.

Domestic claims grew by 11.7 percent in August from 11.3 percent in July due to the continued increase in claims on the private sector (by 18.2 percent), in line with the faster growth in bank lending.

Meanwhile, net claims on the central government

declined by 3.1 percent in August on account of higher deposits of the National Government (NG) reflecting proceeds from the issuance of the 10-year Retail Treasury Bonds on 15 August 2013.

The growth in NFA was also steady at 9.1 percent y- o -y compa re d to 9. 3 percent in July. The BSP’s NFA position continued to improve on the back of robust foreign exchange inf lows from remittances and BPO receipts.

By contrast, the NFA of banks contracted anew as banks’ foreign liabilities g re w fa ster t ha n t hei r foreign assets. Banks’ foreign l iabi l it ies cont i nued to increase due mainly to higher placements and deposits of foreign banks with local banks. growth/PAGE 21

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CorporateWorld

Ayala Corp. President and COO Fernando Zobel de Ayala presents the iconic Volkswagen Beetle at the opening of the first VW dealership at the Bonifacio Global City over the weekend.

Ayala group brings back Volkswagen; Beetle in 2014 THEIR long courtship has finally bore fruit as the Ayala group formally reintroduces the Volkswagen (VW) brand in the Philippines with its grand commercial launch over the weekend.

This marks Ayala’s third auto brand, coming in at a time when the economy is on an upswing, effecting grow th in the countr y’s middle class and various i ndu s t r ie s suc h a s t he automotive sector.

These sweet spots i n t he economy buoy Volkswagen’s slogan “the time is now” as Europe’s largest automaker partners with the Philippines’ oldest conglomerate.

“We cannot t hink of a b e t ter t i me to br i ng Volkswagen back to the Philippines. There is exciting growth in the automotive industry and there is a very

positive out look for the countr y,” said Fernando Zobel de Ayala, president and COO of Ayala Corp.

T h rou g h u n it Ay a la Au t o m o t i v e Ho l d i n g s , VW’s first dealership is at the Bonifacio Global City, with five more dealership networks opening next year namely in key provinces and cities, such as Cebu.

A service center has also opened in Mandaluyong City, where 15 state-of-theart service bays will be used to attend to VW customers.

It offers four diesel-run models as part of the initial line-up, wit h t he iconic Beetle targeted to come in

Robina hikes capex to boost Asean presence

THE maker of C2 ready-to-drink tea and Jack ‘N Jill snack foods is building up its branded consumer food business and eyeing acquisitions in a bid to become an Asean powerhouse.

During the BPI Securities 2014 Market Outlook Conference on Saturday, Universal Robina Corporation (URC) vice president Michael Liwanag said the company wants to grow its branded business to $3 billion in five to six years, expanding at a rate of 12-15 percent per year.

“We want to double our branded business every five to six years,” Liwanag said.

Gokongwei-owned URC is hiking its capital spending to $150 million in the fiscal year 2014 -- higher than the $120 million spending in the last three years – to finance its foray into Myanmar in the next six months. The company may tap the debt market or use internally generated funds to finance its capex given its net cash position of around $200 million.

Aside from organic growth, URC can tap acquisitions outside the Philippines for $500 million to $1 billion.

“The priority is to become an Asean multinational down the road with strong brands,” Liwanag said.

Myanmar is the next challenge for the Philippine firm after establishing a strong presence in Vietnam, Thailand and Indonesia through its brand-building efforts and distribution capability.

“Vietnam is the next Philippines. Thailand is a mature market. If we can grow it [in the] low to mid teens, that is the target,” Liwanag said, adding that URC expects challenges robina/PAGE 21

by the first quarter of 2014.

The partnership aims to sell about 5,000 units annually, offering a wider range of vehicles for Filipino consumers.

Wei m i ng Soh, Volkswagen president for commercial operations in ASEAN and greater China explained, in order to create a “business case,” there’s a need to sell more than 5,000 units. However, plans for a manufacturing assembly plant in the Philippines, he added, needs further study.

“We think long term. We build the foundations of the business early on so that when we grow, we can take the volume in the future,” Zobel de Ayala said.

The Philippines is the next frontier for VW, as it has grown by more than 46 ayala/PAGE 21

Siemens to cut 15,000 jobs worldwide by end 2014

BER LIN — German engineering and technology giant Siemens said Sunday it plans to slash 15,000 positions worldwide by late next year as part of a cost-cutting drive, including 5,000 in its home country.

The company aimed for many voluntary redundancies and to redeploy some staff within the vast conglomerate, which makes products from gas turbines to rail equipment to health care goods.

“The ongoing and planned workforce adjustments in the context of Siemens 2014 are about 15,000 positions worldwide, of which about 5,000 are in Germany,” the Munich-based company said in a statement.

The ongoing “Siemens 2014 drive in total aims to save more than six billion euros ($8.1 billion).

The company in July siemens/PAGE 21

Mindanao Daily 15 NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Neslon Constantino , e-mail- nelconstant@gmail.com

AgriBusiness

16 Mindanao Daily NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Nelson Constantino , e-mail- nelconstant@gmail.com

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PHL won’t import rice beyond WTO commitments in ‘14

Retail price of rice remains high: BAS report

for Philippines to import rice outside the commitments u nder t he World Trade Organization (WTO).

Because of its commitments with trading partners, Philippines imports 350,000 metric tons (MT) of rice under the minimum access volume (MAV) at 40 percent duty.

Imports outside the MAV are levied a 50 percent duty.

“Definitely there will be no more importation to be made outside of the MAV next year,” Agriculture Undersecretary for Field Operations Dante Delima told reporters.

This year, only 205,000 MT had been imported so far under the MAV, Delima, who heads the National Rice Program, said.

Figures from the Bas, an attached agency of the Department of Agriculture (DA), showed that as of September 20, only the trading centers in San Fernando City in Region 1 and Davao City in Region 11 registered a price decline of P1 per kilo for regular-milled rice.

The trading center in

THE average retail price of regular-milled rice has not gone down in most trading centers in T H E D e p a r t m e n t o f the country, according to the latest report issued Agriculture on Wednesday said there would be no need by the Bureau of Agricultural Statistics (Bas).

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Tacloban City registered the highest increase at P4/kilo of regular-milled rice. The average price of regular-milled rice reached P39/kilo as of September 20.

The average price of wellmilled rice sold in the trading centers of San Fernando City and Davao City also declined

by P1/kilo.

In Tacloban City the average price of well-milled rice went up by P3/kilo, while the trading center in Kidapawan City in Region 12 registered a price increase of P1/kilo.

The BAS said the price of government-subsidized rice sold by the National Food Authority (NFA), or NFA rice was stable at P27/kilo.

Meanwhile, the Bas said the price of alumahan was up

by P5/kilo in Cotabato City,

by P20/kilo in Metro Manila

and Naga City and by P40/ kilo in Cebu City.

The agency said galunggong (roundscad) was priced higher in Batangas City by P10/kilo and by P20/kilo in the cities of Naga and Iloilo. A price of decrease of P10/kilo was reported in San Fernando and Cebu.

The price of tilapia, the Bas said, was up by P10/kilo in Naga City, and P20/kilo in Butuan City.

As for vegetables, the BAS said the price of habitchuelas

DA: Farmers may import 60% of PHL’s onion requirements ABOUT 60 perent of onions approved for importation will be allocated to farmers, the Department of Agriculture (DA) said.

A g r i c u l t u r e Undersecretary Dante Delima said that the agreement to allow farmers to get a bigger slice of onion imports was reached a week ago.

Delima said the preferential treatment to onion growers was f irst discussed right after the creation of National Onion Action Team (NOAT) a few years ago. The agreement, however, was reached only recently.

C omp o s e d of on ion growers, traders, and other stakeholders, NOAT is tasked to determine the volume of onions to be exported and imported in a given period.

The announcement was made during a public hearing held recently in Bongabong,

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by Agriculture Secretary Proceso J. Alcala and Sen. Cy nt hia Vi l lar, head of the Senate Committee on Agriculture and Food, onion farmers, and traders.

The hearing sought to gather information to aid the Senate committee in crafting legislative policies and measures to protect and develop the country’s onion and garlic sectors.

Among the issues raised during the hearing was the monopoly in the distribution of import permits to a few preferred organizations of the Bureau of Plant Industry (BPI).

BPI Assistant Director Henry Carpiso denied the allegations, stressing that the bureau has been consistently implementing a strict policy on the issuance of sanitary and phytosanitary import clearance for onion, as well as garlic.

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the Vegetables Importers, E x p or t e r s a nd Ve ndor Association of the Philippines (Vieva), said the remaining 40 percent of onions for i mp or t a t i on wou l d b e brought in by accredited traders and exporters.

“Should the farmer groups proved to be incapable of importing the needed onions in a given season, it will be again discussed among the

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D u r i ng t he i nqu i r y, Je n n i fe r R e m onq u i l l o , coordinator of t he DA’s high-value crops program, reported that there is enough supply of red onions as of September 22.

“At 73,013 metric tons [MT], or 2.9 million bags, t he red creole w i l l last until March of next year,” Remonquillo said. BPI figures also show that the inventory of yellow onions is at 169 MT.

was up by P8/kilo in Naga City and by P10/kilo in Metro Manila and the cities of Tuguegarao, Tacloban and Butuan. In Davao City, the price was cheaper by P10 per kilo.

The average price of tomato went down by P2/kilo in Cotabato City and P10 kilo in Cabantuan City.

For meat and poultry, the Bas said retail prices were stable for beef, pork products and chicken egg for the week ending September 20.

5 firms book P193M in sales at Tokyo expo

FIVE local seafood firms took in a total of P193 million in booked and negotiated sales of tuna and octopus products at the recently concluded Japan International Seafood and Technology Expo in Tokyo, the Department of Agriculture said over the weekend.

Five loca l seafood companies compliant to international food safety standards gained access to the Japanese market during t he rec ent ly- concluded seafood expo in Tokyo, the Department of Agriculture (DA) announced during the weekend.

It was t he f irst time Philippine companies joined the expo, which this year was held from Aug. 21 to 23. PhilFresh Corporation, BlueFin Seafood Export, Inc., Nuevo Fresco Marine Tr a d i n g C o r p o r a t i o n , D & L Seafoods and FRI Seafood Trading were the participating companies.

A g r i c u l t u r e sales/PAGE 21

Coconut authority to give equipment THE PHILIPPINE Coconut Authority (PCA) will be d i s t r i b u t i n g m a nu a l l y operated twinning machines and developing coconut tufting facilities in Leyte to boost the country’s coco coir industry, the agency said in a statement last week.

The PCA will distribute 5 0 0 u n it s of ma nu a l ly operated twinning machines to interested coconut farmers o r g a n i z a t i o n s (C F O s)

and cooperatives in the municipality of Javier, Leyte, in collaboration with the Department of Trade and Industry (DTI) and the Javier local government.

The coconut agency will simultaneously establish a tufting facility.

P C A Ad m i n i s t r a t or Euclides Forbes said in a text message that the agency has a budget of P60 million for the project.

In the statement, Mr. Forbes said that the PCA will promote the technology for value-adding to coconut products and by-products like twine and rope using coco coir.

The PCA said that raw coco coir fiber costs, on the average, P11.50 per kilogram (kg), but when processed and made into twine fibers, it can be sold at P22.50/kg.

This project aims to help 500 families and generate 2 , 5 0 0 jobs f rom t w i ne making alone, according to the statement.

Coco coir is the fiber found between the coconut’s external shell and the coconut flesh. The coir is commonly coconut/PAGE 23

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Banking&Finance

Monetary Board closed down Davao rural bank

THE MONETARY BOARD (MB) has ordered the closure of the Rural Bank of Hagonoy (Davao del Sur), Inc., the 15th bank to suffer this fate this year, the state deposit insurer yesterday said.

The regulator placed the bank under receivership last Thursday by virtue of MB Resolution No. 1521, the Philippine Deposit Insurance Corp. (PDIC) said in a statement yesterday.

MB -- the policy-making body of the central bank -closes banks when they are found with insufficient liquid assets to meet liabilities or cannot continue doing business without involving losses for depositors or creditors.

All assets of the single-unit bank based in Guihing, Hagonoy in Davao del Sur -- including 1,114 bank accounts with total deposit liabilities of P28.4 million -- will be handled by PDIC. The bank was majority-owned by Get Holdings, Inc. (40%) and Guillermo P. Torres, Jr. (26.92%), and led by Roberto D. Recede as president.

“Upon takeover, all bank records shall be gathered, verified and validated [by PDIC]…All valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000,” PDIC said.

Depositors with balances of up to P15,000 and with no outstanding obligations do not need to file deposit insurance claims. Those with balances of more than P15,000, holders of certificates of time deposits, and individuals with outstanding obligations with the bank should file their insurance claims not later than the third week of October. “PDIC conducted a depositors-borrowers forum on September 21 to inform depositors of the requirements and procedures for filing deposit insurance claims,” the statement read.

Other banks closed down this year were Cavite-based Capitol City Bank, Inc.; the Rural Bank of Gainza (Camarines Sur), Inc.; the Rural Bank of Majayjay (Laguna), Inc.; the Rural Bank of Buenavista (Agusan del Norte), Inc.; La Consolacion Rural Bank (Laguna), Inc.; the Rural Bank of Kinogitan (Misamis Oriental), Inc.; the Cooperative Rural Bank of Bulacan; the Rural Bank of Naval, Inc.; the Rural Bank of Borongan (Eastern Samar), Inc.; the Rural Bank of San Fernando (Cebu), Inc.; Quezon Traders Rural Bank of Candelaria; Rural Bank of San Jose Del Monte, Inc.; Rural Bank of La Trinidad (Benguet), Inc.; and Rural Bank of Sto. Tomas (Davao del Norte), Inc.

Mindanao Daily 17 NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Cheng Ordoñez , e-mail- cheng.ordonez@gmail.com

BSP wants more detailed info on credit card business THE Bangko Sentral ng Pilipinas (BSP) is requiring banks and other financial institutions to submit monthly credit card business activity reports (CCBAR) containing data on credit card issuers, cardholders, complaints, and card use location.

The BSP intends to enhance its credit card database to ensure transparency and availability of information on credit card operations and complaints resolution, and afford analysis of the credit card industry for policymaking.

The new ru les are contained in Circular 812.

The CCBAR, which will be submitted in monthly, aims to ensure consumer protection as well as managing risks involved in credit ca rd transactions, banks/quasi-

banks including subsidiaries and affiliates.

The BSP aims to capture more cred it ca rd data, including the number of credit card holders in the country. To date, the BSP regularly reports data on credit card receivables of

banks, including that portion which is non-performing.

Credit card receivables climbed 11 percent to P131.9 billion in the first quarter, from P118.8 billion in the same three-month period last year. Universal and commercia l ba n k s held

bulk of the receivables at 82.6 percent, with their subsidiaries cornering the remaining 17.3 percent.

Non-performing receivables increased to 11.2 percent of total credit card transactions, but eased to 13 percent of big banks’ total amount of bad loans.

Recently, the BSP issued new rules to strengthen the security banks and nonbank financial institutions’ electronic products, including credit cards.

The regulation requires BSP-supervised institutions to adopt end-to-end Triple Data Encryption Standard (3DES) for the whole ATM network by January 1 and shift from magnetic stripe technology to more secure WMV chip-enabled cards

by August 1, 2017.

THE Bangko Sentral ng Pilipinas (BSP) is ready to respond to excessive m a rk e t e x u b e r a nc e or d isappoi nt ment a r isi ng from the US Federal Reserve decision to keep its economic

stimulus.

In a joi nt genera l assembly of financial market associations last week, BSP G ove r nor A m a ndo M .

Tetangco Jr. said the central bank is watching market

conduct following the Fed decision.

Tetangco said the BSP has room to adjust policy rates or other monetary policy tools should market reaction lead to a loss of overall business

confidence or “dis-anchoring of inflation expectations.”

The BSP can also tweak existing macro-prudential measures or release new ones as appropriate to target deal/PAGE 21

Bangko Sentral says ready to deal with impact of US Fed decision

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18 Mindanao Daily NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Shaun Uy, E-mail: shaun_alejandrae_uy@yahoo.com

To catch a fish, a fisherman prepares his bait made of styrofoam and nylon.

Photo by Marie Servangeli Aspera

A man cleans his tray at the bank of the fishing port. Photo by Sherryllyn Famador

Boxes of fish to be loaded on a vehicle will be delivered to the nearby markets.

Photo by Irish Maika Lam

The

CAGAYANTIMES de Oro

ARTS & CULTURE

Kuya Eddie is a look on the fishermen of Opol town Misamis Oriental. A photo essay by the by Xavier U DC 89A photojourn students.

A fisherman adds ice to the newly caught tamban.

Photo by Althea Maye Ragpala

Laborers prepare the newly caught fish for shipment.

Photo by Irish Maika Lam

tuesday | October 1, 2013 Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

Kuya Eddie stretches his nylon for a fishing bait.

Photo by Marie Servangeli Aspera

A man checks his fish bin in an afternoon catch.

Photo by Sheldane May Mahinay

A fisherman unloads ice from a nearby fishing boat in Luyong Bonbon, Opol.

Photo by Golden Jayson Gijan

tuesday | October 1, 2013 Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

Billboard

Mindanao Daily 19 NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Shaun Uy, E-mail: shaun_alejandrae_uy@yahoo.com

Mariwasa and two other SCG subsidiaries in PH awarded with Green Choice Seal of Approval MANILA, Philippines –Three of ASEAN conglomerate SCG’s local subsidiaries – Mariwasa Siam Ceramics, Inc. (MSC), United Pulp and Paper Co. and SCG Marketing Philippines, Inc. – were awarded with the Green Choice Philippines Seal of Approval during the Suppliers’ Forum on Green Public Procurement recently held at the SMX Convention Center, attesting to the Group’s commitment of conducting business alongside conserving the environment and creating value for society.

The Green Choice seal is awarded to products that are certified to be environment-friendly, with the objective of raising consumer consciousness on the environmental features of products they choose to buy and use. Among the products awarded with this quality mark is Mariwasa Siam Ceramics’ wall and floor ceramic tiles; UPPC’s test liner board, which is made from 100% recycled paper used in the manufacture of boxes and other packaging materials; and SCG Marketing’s fiber board, which is an asbestos-free cement board, reinforced by high-quality cellulose natural fibers used for various purposes in construction.

These products are compliant to the Green Choice requirements on environment and product quality performance, including adherence to environmental regulations, green procurement policies, health and safety standards, energy efficient processes, and waste and pollution-reducing practices, among others.

“We are very honored and proud to accept the Green Choice Philippines Seal of Approval. It is indeed our philosophy to commit to sustainable development, and we hope and believe that with our high-quality products, green technology and green process, we will help support the Philippines achieve sustainable development for its economy, society and environment, to build towards a better quality of life in the country,” said Anukul Kongrit, President of MSC and SCG Country Director for Philippine Operations.

Aside from highlighting the environmental value of these products, the Green Choice seal also marks the company’s leadership in promoting sustainable development, which takes into consideration not just operational or production costs, but also the environmental and societal impact of doing business. With the Green Choice mark, these products are envisioned to encourage producers and manufactures to improve their production and operating process into reducing environmental harm.

This is aligned with SCG’s philosophy in taking the lead in developing solutions and programs toward economic, social, and environmental issues affecting its business operations, as part of its path toward becoming an ASEAN sustainable business leader. It imbues the concept of reducing, reusing/recycling, and replenishing throughout all its business units, which helps shape the design of its plants and facilities, helps develop and improve production processes, and utilizes eco-friendly materials and technology, to ultimately produce green, sustainable, high-value added products.

About SCG SCG, one of the leading conglomerates in the ASEAN region, comprises three core businesses: SCG Chemicals, SCG Paper, and SCG Cement-Building Materials, and has more than 200 companies under its umbrella and approximately 43,000 employees. As it celebrates its 100th year anniversary, SCG continues to create and distribute innovative products and services that respond to the current and future needs of consumers.

SCG has been present in the Philippines since 1993 with more than 1,000 employees through its 7 subsidiaries: United Pulp & Paper Co., Mariwasa Siam Ceramics Inc., CPAC Monier Philippines Inc., SCG Trading Philippines Inc., Green Siam Resources Inc., Green Alternative Technology Specialist Inc., and SCG Marketing Inc.

ASEAN conglomerate SCG’s local subsidiaries were granted the Green Choice Seal of Approval for its environment-friendly products and processes. Shown in photo are United Pulp and Paper Co. VP for Marketing Jirasak Kaewubol, Mariwasa Siam Ceramics, Inc. VP for Sales and Marketing Jakkrit Suwansilp, SCG Country Director for Philippine Operations Anukul Kongrit, and SCG Marketing Philippines President Sunchai Jindasri.

Mariwasa President and SCG Country Director for Philippine Operations Anukul Kongrit (5th from left) accepts the Green Choice Seal of Approval from Presidential Adviser on Environmental Protection Sec. Neri Acosta. Also shown in photo are (L-R) Development Academy of the Philippines President Antonio Kalaw Jr., Department of Trade and Industry Undersecretary Nora Terrado, Mariwasa Assistant Manager for Sustainable Development Jonathan Macaraeg, Mariwasa VP-Sales and Marketing Jakkrit Suwansilp and Asian Productivity Organization Director Setsuko Miyakawa.

Starmall adopts new technology to boost services Starmall Inc., the publicly listed commercial arm of the Villar Group of Companies, recently signed a partnership with Fasttrack Solutions Inc. to implement the SAP enterprise resource planning software, which will allow Starmall to integrate all aspects of operations on a common platform. Photo shows (from left): Frances Rosalie Coloma, Starmalls CFO; Jerry Navarrete, Starmalls President; Kerwin Malabanan, Managing Director, Fasttrack Solutions; and Joseph Busmente, Sales Director, Fasttrack Solutions.

20 Mindanao Daily NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Cheng Ordoñez, E-mail: cheng.ordonez@gmail.com

Environment

tuesday | October 1, 2013 Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

SP: Screen applications for small-scale mining, quarrying CAGAYAN DE ORO CITY -- City Council committee on environment and natural resources stressed the need to continue to find ways to streng t hen t he cit y’s campaign against illegal mining activities.

Du r i ng t he recent meeting, Councilor Zaldy Ocon, cha irma n of t he Cagayan de Oro City Council committee on environment and natural resources, said he will be filing a proposed measure which will require

applicants of small-scale mining and quarrying to submit their documents to the committee.

Ocon said he has proposed this so that his committee can thoroughly scrutinize their applications.

From the committee these will be submitted to the City Local Environment and Natural Resources Office (CLENRO) and to the City Mining Regulatory Board, he said.

The councilor informed

members and invited guests the mining board recently held a meeting to discuss applications for regular p er m it s of sma l l-s c a le mining concessionaires.

He said the cit y gover n ment no lon ger issues special permits to concessionaires.

For his part, OIC-CENR Forester A ldrich Resma said no permits are being issued for big-scale mining operat ions i n t he cit y.

(CdeOSP/PIA)

MANILA -- The low pressure area (LPA) over east of Visayas has intensified into a tropical depression Sunday afternoon and was named “Quedan,” according to Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA).

“Quedan” is the third cyclone to visit the country this month and the 17th for this year.

PAGASA expects three to four cyclones to affect the country this month of September.

We a t h e r F o r e c a s t e r Samuel Duran said that as of 4 p.m. Sunday, “Quedan” was spotted 900 km East of Guiuan, Eastern Samar (11. 7 ° N ,13 5 . 0 ° E) w i t h maximum sustained winds of 45 kilometers per hour (kph) near the center.It was moving North northeast at 7 kph.

Duran said no storm signal warning has been raised Saturday since the c yclone wa s too fa r to directly affect any part of the country.

Wit h it s nor t hw a rd track, he said, “Quedan” is not expected to make landfall in any part of the cou nt r y because it was already moving away from the Philippines and expected to be out the country in the next 24 hours.

“Ang galaw nito ngayon

ay palabas na rin ng ating bansa kaya hindi na natin ito inaasahan na magla-landfall pa sa loob ng territory natin,” he noted.

Duran said the cyclone star ted to turn back or “recurve” slowly towards the Pacific Ocean due to another tropical depression near southeastern Japan.

“Hinahatak kasi nitong isang tropical depression ma lapit sa Japa n itong sirkulasyon ni Quedan. Kaya ang galaw nito ngayon ay papalabas patungong Pacific Ocean, hindi papasok ng bansa,” he noted.

If it ma i nta i ns its speed and direction, he said “Quedan” will exit the country by Monday or Tuesday, heading towards Southern Japan.

He also said that Palawan, Visayas and Mindanao will have cloudy skies with light to moderate rainshowers due to the intertropica l convergence zone (ITCZ).

Duran said unti l Wednesday, the rest of Luzon including Metro Manila will experience “good weather condition” with only partly cloudy to at times cloudy with possible thunderstorm rains mostly in the afternoon or evening.

Duran said the cyclone is still too far to directly affect any part of the country.

(PNA)

2020 (NBSAP 2020) consultation is set in the city on September 18-20, to validate and enrich indentified national targets.

Theresa Mundita Lim, national director of the Protected Areas and Wildlife Bureau (PAWB) noted that the NBSAP 2020 is still anchored in the Strategic Plan for Biodiversity 2011-2010 and the Aichi Biodiversity

LPA intensifies into tropical Mindanao consultation on biodiversity strategy & action plan set CAGAYAN DE ORO CITY -- A National Targets adopted during the conference and the Autonomous Region of Muslim depression “Quedan” Biodiversity Strategy and Action Plan of Parties and Convention on Biological Mindanao (ARMM).

Diversity (CBD) held in Nagoya, Japan last October 2010.

A consultation-workshop to draft a National Invasive Species Strategy and Action Plan (NISSAP) is also integrated in the three-day event. NISSAP is envisioned by PAWB to be integrated in the NBSAP. The activity will cover regions 9, 10

Discussions la id out for t he consultation include the PBSAP’s sig n i f ic a nc e to t he Ph i l ippi ne Development Plan (PDP), mainstreaming of the biodiversity conservation in the PDP, Invasive Alien Species Plan, validation of priority threats and drivers of biodiversity loss, and sharing of good practices. (JCV/PIA)

CSC awardee spearheads move to build mangrove plantation in Butuan City A Civil Service Commission (CSC) “Dangal Ng Bayan 2 013” aw a rde e le d h i s class batch in signing a memorandum of partnership with the Department Of Environment and Natural Re sou rc e s - C a r a ga to establish a ma ng rove plantation project at a seaside village in the city, afternoon Tuesday.

Senior Jai l Of f icer 2 Richard C. Recososa, an

officer of the Bureau of Jail Management and Penology (BJMP) Caraga Region and the program director of the Agusan National High School-Class 1990 is also an awardee of the “Dangal Ng Bayan 2013” for his exemplary career service.

He le d t he s i g n i n g of t he memora ndum of partnership (MOP) with DENR-13 Regional Executive Director Nonito M. Tamayo,

Lanao Norte conducts coastal clean-up

in a class batch initiated program dubbed as “Planting Mangrove for a Cause in Support to the National Greening Program (NGP) in Consonance with Executive Order 26 by His Excellency President Benigno S. Aquino III.” Recososa had received his regional award as a semifinalist awarded by CSC Regional Director Adams Torres and may soon receive

a national award from the President along with the other national awardees in Manila.

A lso present du r i ng the signing were Agusan del Norte PENRO Paterno Olivera, CENRO Norman Asugan of Nasipit, Agusan del Nor te, Bara ngay Lu mbuca n Cha ir person Shirly Reyes and Eleazar Acompanado, representative mangrove/PAGE 23

DPWH abandons P100-M road widening project to preserve 651 decades-old giant trees

Tubod, Lanao del Norte -- More than 20 employees of the Lanao del Norte LGU spearheaded a coastal clean-up on September 25 at barangay Pigcarangan, in the capital town of Tubod.

The activity is in support of the annual International Coastal Clean Day. More than 500 meters stretch of coastline situated at

By Manilyn Ugalde Purok 6, Brgy. Pigcarangan was cleaned up by the provincial employees from the Environment and Natural Resources Department of Public Works as saying.

Office (ENRO). and Highways secretar y Earlier, he argued that coastal/PAGE 23 Rogelio Singson has ordered adding lanes at both sides of the withdrawal of the P100- the national highway cannot million fund for a road be realized without cutting widening and concreting the trees as the project has to be completed as scheduled. project here.

The move, Singson said, is T h e D e p a r t me nt of in respect to the sentiments Environment and Natural of various sectors against the Resou rces (DEN R) had cutting of 651 decades-old already given the permit to giant trees planted along cut the trees as early as May. both sides of the highway. T h e P N A l e a r n e d , DPWH regional director however, t hat t he loca l Danilo Dequito confirmed DENR office had already over the weekend Singson’s withdrawn the permit it order to withdraw the project granted the DPWH to cut in favor of the preservation the trees following Singson’s of the old-grown trees that order to realign the P100city residents claimed “have million fund. ­ been giving life and beauty The road widening covers the stretch cutting through to the national highway.”

The said national road has b a r a n g ay s C onc e p c ion been serving as the favorite P e q u e n a , C o n c e p c i o n hangout of both the elderly Grande, Mabolo and Del and young citizens for their Rosa r io lead i ng to t he daily jogging, walking and entrance of the city -- known as the heart of the Bicol cycling activities.

“We can always find a way region. to realign the funding for the Reacting to Singson’s contested project to avoid decision to respect the clamor A barge carrying iron ore passes by an ongoing mining operation in a portion of Hinatuan Island, one of the islands in angering environmentalists,” for the preservation of the the town of Tagana-an in Surigao del Norte, on September 26, 2013. mindanews photo by erwin mascarinas Dequito quoted the secretary dpwh/PAGE 23

Mindanao Daily 21 NEWS

tuesday | October 1, 2013 Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

DOLE...

Ayala...

if the company is located in an economic zone,” the DOLE chief added.

Baldoz said the DOLE regional offices are also responsible in conducting ocular inspection to verify legitimacy of employment of foreign nationals and a verification inspection of the establishment employing them within 30 days after issuance of the AEP. The resu lts of t he investigation will then be forwarded to Baldoz and the Department of Justice, thru the Bureau of Immigration for appropriate action under their mandate.

“They need to submit to me a report on the results of their investigation. I will not tolerate lax enforcement of the rules on the issuance of the AEP,” Baldoz stressed.

Meanwhile, Baldoz also revealed that DOLE Region 4-A director Campita already conducted an investigation even before the allegation of the TUCP came out.

T he labor chief sa id Campita’s probe found out that 13 Chinese nationals have been working for a large construction company in Batangas without any AEP. The regional director also has informed the construction company about the matter and ordered it to obtain AEPs for the Chinese nationals.

(PNA)

percent in ASEAN markets over the last five years. It also aims to expand in other key ASEAN markets such as Ma laysia, Indonesia, Thailand and Taiwan.

T he Ay a l a g roup i s importing all of the VW vehicles, wit h an entr ylevel sedan priced at P1.295 million.

“We are introducing a German engineered car, performance, reliability, safety and good looks at an affordable price range because all other German cars now are luxuries they are on the higher side,” said John Philip Orbeta, president of Ayala Auto.

Ay a l a C o r p. h a s diversified business interests in t he cou nt r y a nd has recently entered new sectors such as power generation and transport infrastructure development.

from page 14

Growth... from page 14

Banks’ foreign assets a lso rose due to t he growth in their loans and receivables as well as their investments in marketable debt securities.

As expected, the BSP’s oper at iona l adju st ment i n it s SDA faci l it y a lso c ont r ibut e d to t he M 3 increase in August.

It will be recalled that the BSP required that trust entities gradually reduce t h e i r S DA p l a c e m e n t s t hat a re not consi stent with the revised BSP SDA guidelines by November 2013.3 M3 grow t h rates a re ex pec ted to decl i ne once t hese adju st ment s have been completed.

The temporary period of st rong M3 g row t h is therefore not expected to fan inf lationary pressures.

Latest baseline forecasts of the BSP continue to indicate within-target inflation over the policy horizon amid the stronger pace of growth in domestic liquidity in the coming months.

Going forward, the BSP w i l l cont i nue to a s se s s c a re f u l ly t he p otent i a l impact of strong liquidity g row t h on t he out lo ok for inf lation as well as on financial asset prices.

The BSP stands ready to deploy appropriate me a su re s a s ne e de d to ensure t hat liquidit y conditions remain supportive of sustainable econom ic g row t h whi le m a i nt a i n i n g pr ic e a nd financial stability. (PNA)

from page 15

Robina... from page 15

challenges in Indonesia in the form of higher wages, devaluation of rupiah and the removal of the oil subsidy.

He said pricing products to target the middle market and adapting to consumer tastes were the factors behind URC’s successful foray into these foreign markets.

URC has taken a market leadership position in various food categories, including snacks, candies, chocolates, biscuits, canned beans, cup noodles, coffee and readyto-drink tea.

In expanding its footprint in the region, the foodand-beverage company has replicated this multi-category strategy on a selective basis and is among the top three in categories it is in.

“We have what it takes to erode market share of multinationals,” Liwanag said. URC has made inroads i n t he c of fe e c ate gor y through number two player Great Taste with the leading multinational’s market share falling to 54 percent from 92 percent. “ We t h o u g h t t h e Philippine market [was] mature, but the innovation like coffee in Philippines [ gave] ro om for u s to grow. Modern retailing is growing, we have to come up with products for modern retailing,” Liwanag said.

URC, which is also in the commodity and agroindustrial businesses, expects net sales to grow by 13.3 percent to P80.7 billion in the 2013 fiscal year ending September from P71.2 billion in the same period last year.

T he compa ny’s loca l branded business will jump 23 percent year-on-year to P42.2 billion this fiscal year from the previous year’s P34.4 billion, 20 percent of which will come from volume growth and three percent from price increase.

Internat iona l sa les w i l l increase by a tenth to $520 million from $471 million last year.

Earnings before interests

northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

and taxes will hit $10 billion in 2013, up by almost 30 percent from year ago levels. “[For 210 4] you just have to monitor the soft commodity prices. Over the short term until December, we’re protected,” Liwanag said, adding that it will “selectively increase prices” but robust growth of the outsourcing industry and remittances will prop up demand for its products.

Siemens...

from page 15 appointed Joe Kaeser as the new chief executive, replacing ousted Peter Loescher, days after Siemens had announced its second profit warning in two months.

When Kaeser took over at the helm of Siemens, he stressed that the company was “certainly not in crisis, nor is it in need of major restructuring”.

“However we’ve been too preoccupied with ourselves lately and have lost some of our profit momentum vis-a-vis our competitors,” he said in late July, vowing to get Siemens “back on an even keel”.

Of t he job cuts in Germany, 2,000 positions w i l l b e sla she d i n t he company’s industry division, 1,400 in energy, 1,400 in infrastructure & cities and 200 in the corporate division, the spokesman said.

T he s te ps had b e en “discussed with all those concerned”, with about half the redundancies to take effect in 2013 and the rest by the end of 2014, he said.

Siemens said the costcutting plans were not new, just the number of layoffs which resulted from them, and that the job losses had been discussed with workers’ representatives.

“We are sticking to the rule: first we speak with the employees, then we go public,” the company said in its statement.

Earlier on Sunday, the Welt am Sonntag newspaper had quoted a na lysts as expecting about 10,000 job cuts next year.

Siemens has about 370,000 employees worldw ide, i n c l u d i n g 11 9, 0 0 0 i n Germany.

During the leadership change at Siemens, even Chancellor Angela Merkel, v ia her spokesman, had com mented, say ing she viewed the Siemens group as a “flagship” of the German economy and a company which needed to “return to calm waters”.

Shortly after announcing the changes, the company released its results for its fiscal third quarter, posting a 43-percent jump in net profit to 1.1 billion euros, mostly due to the spin-off of lighting company Osram.

Nevertheless profit from continuing operations fell 13 percent in the April to June period, to 1.0 billion euros, while sales dropped two percent to 19.2 billion euros, hit by its wind energy activities in the United States.

L oescher, who c a me

from the US pharmaceutical company Merck to take over the reins of Siemens in 2007, had faced criticism for some time amid disappointing results, a company strategy deemed vague and missed deadlines.

Sales... from page 16

Undersecretary Salvador Salacup, who headed the delegation, said that the companies are compliant with the European Union’s st r i ngent food sa fet y requirements.

PhilFresh will supply ultra-frozen tuna sushi to Nippon Suisan Kaisha Ltd. for one year, initially 10 tons of tuna slices a month with an annual revenue of P119 million. Demand is also expected to double next year.

BlueFin Seafood Export took in orders for 100 tons of octopus products from five Japanese companies, with a total value of P26 million.

The three other firms, which produce fresh chilled tuna, racked up P46.5 million in negotiated sales and P1.46 million in booked sales.

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Deal... from page 17

problem areas, he said.

“Our policy actions will always be guided by our price and financial stability objec t ives. Ba r r i ng a ny unforeseen threats, I think we have room to keep policy rates steady for the balance of the year,” Tetangco said.

T he BSP ’s over n ig ht bor row i ng a nd lend i ng rates are at record lows of 3.5 percent and 5.5 percent, respectively. The special de p osit ac c ou nt (SDA) rates likewise were cut to a uniform two percent.

Te t a n g c o s a i d t h e country has buffers against vulnerabilities, citing the Philippines’ strong macrofundamentals that yield solid growth and low inf lation; com for table cush ion of foreign exchange reserves; and the BSP’s consultative st yle and clear effort to understand market behavior, which has helped calibrate regulation appropriately.

“The country has what it takes to move forward amidst the uncertainty in the short term because we have put up buffers,” Tetangco said.

T he cou nt r y ’s g ros s international reserves (GIR) stood at $83.2 billion at end-August, adequate to cover 12 months of imports of goods and payments of services and income.

The Philippine economy g rew 7.6 percent in t he first half of the year, while consumer price increases averaged 2.8 percent in the first eight months

“If the current investment-led growth and institutional reforms are sustained, a 5 to 7 percent potentia l output grow th for t he medium term is highly feasible. There is sufficient liquidity to fuel this and the banks are able to intermediate these funds safely,” Tetangco said.

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Fun Page Villarreal suffer first defeat, Elche win 22 Mindanao Daily NEWS

tuesday | October 1, 2013

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northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Clifford Santillan, E-mail: santillan.clifford@yahoo.com

Villarreal suffered their first defeat since returning to the Spanish top-f light on Sunday as Nosa Igiebor’s first-half goal handed Real Betis a 1-0 win.

The Nigerian midfielder pounced nine minutes before half-time to steer the ball home after Villarreal keeper Sergio Asenjo had parried Joan Verdu’s effort.

Villarreal pressed for an equaliser after the break, but it was Betis who looked more likely to score again on the counter-attack and Asenjo did brilliantly to deny Verdu when he was played clean through on goal by Jorge Molina seven minutes from time.

The v isitors’ miserable

e ven i ng wa s rou nded of f when coach Marcelino Garcia Toral was sent to the stands in stoppage time for dissent after the referee only gave a corner when Villarreal thought Javier Aquino had been fouled inside the area.

Defeat meant Villarreal miss the chance to leapfrog Real Madrid into third place and they could be out of the top four by Monday evening should Athletic Bilbao beat Granada.

Earlier, Elche secured their first win in the top-f light for 25 years as they won 1-0 away at Celta Vigo.

Javi Marquez scored the only goal of the game with a

clifford’s

Daily HOROSCOPE AQUARIUS (January 20 – February 18) -Something big and bold and wonderful happens to you today -- though it may feel like a drag before you get on board. Try to relax your skepticism for just one more day, and all will be well.

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ARIES (March 21 – April 19) - Your brave heart is legendary, so take the time to choose your battles with care today. The right word or action at the right time -- hard as it may be -- can make life far better for everyone concerned.

TAURUS (April 20 – May 20) - Your pomposity only flares up once in a blue moon -- but when it does, you have to be careful! Things are weird today, so you may have to take a few teasing words before you lighten up.

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low angled drive from Carles Gil’s headed pass just after the hour mark.

Espanyol missed the chance to move back into the European places as they suffered their second defeat in four days in a 2-0 reverse at home to Getafe.

Adrian Colunga scored both goals for the visitors in the second-half to secure Luis Garcia’s men’s first away victory of the season.

And in t he day’s early game Levante won 1-0 away to Osasuna thanks to Jordi Xumetra’s goal two minutes from time as he swept home t he rebound a f ter A ndres Fernandez had save Pape Diop’s penalty. fifa.com

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Mindanao Daily 23 NEWS

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Poverty... from page 13

This is also the reason ma ny t h i n k t a n k s a nd multilatera l institutions e x p e c t t h e c o u n t r y ’s economic growth to slow to around 6 percent to a high of only 6.9 percent in 2014.

“While we will be able to sustain the 6-percent to 7-percent growth, [it is unlikely] that we will grow 8 percent to 10 percent, the kind of growth we need to reduce poverty. It seems we’re not doing well to achieve much growth,” Neri said.

Me a nw h i l e , P u b l i c Private Partnership (PPP) Center Executive Director Cosette Canilao assured that the government’s PPP initiative is making good progress. Many projects are in the construction phase, while some are already for public bidding.

The government a lso forecast an investment boom in t he next three years, boosted by the completion of PPP projects.

Early this year National Statistica l Coordination Board Secretary-General Jose Ramon Albert reported that poverty incidence among population was estimated at 27.9 percent during the first semester of 2012.

Comparing this w ith the 2006 and 2009 f irst semester figures estimated at 28.8 percent and 28.6 percent, respectively, poverty remained unchanged as the computed differences are not statistically significant.

Food... from page 13

food defense is aimed at discouraging intentional contamination by biological, c he m ic a l , phy s ic a l , or radiological agents, according to the draft paper.

And while food safety breaches usua l ly enta i l accidental contamination involving nature and the environment, food defense cases are largely deliberate acts conducted t hrough human intervention.

Food defense encompasses intentional contamination, econom ic adu lterat ion, counterfeiting, diversion, tampering, and sabotage by disgruntled employees, said the DA. The Food Defense Guidelines for Industr y seeks to assist the food sector in complying with future regulatory requirements of importing countries, such as the United States. The guidelines can be useful for all sectors along the supply chain, including farms, aqua-culture operations, and processing, packing and warehousing facilities.

They are not, however, applicable to retail food stores a nd food ser v ice establishments, which have a separate food defense plan.

The document defines a food defense plan as a formal written plan to record practices implemented to reduce the potential for intentional contamination

and lessen the vulnerability of the food operation.

Instituting such a plan should be a prime concern for the food industry. Said t h e DA : â € œT h e fo o d supply is soft target, thus it is difficult to protect.

Deliberate contamination could occur at any point in the supply chain where a variety of people can have access to [the food].

Intentional contamination c a n h ave c a t a s t r o ph i c consequences, including public hea lt h fa l lout, widespread fear, devastating economic impact, trade disruption, and the loss of public confidence in the government’s ability to protect consumers.

Wit h a food defense plan in place, the domestic industr y can reduce the cost of security lapses such as theft, vandalism, and unethical business practices.

It can also meet growing demand by buyers for a food defense plan from their suppliers.

“A food defense plan also prepares the industry for potentia l reg u lator y requ i rement s of bot h importing and exporting countries,” the DA said, a d d i n g t h a t t h e b a s ic standards that should be in place are still the Good Manufacturing Practices (GMP) and Good Agricultural Practices (GAP).

Following the September 11, 2001 terrorist attack in the United States, there has been a stronger emphasis on defending against food terrorism, the department said during a recent public consultation at the DA offices in Quezon City.

Currently, the U.S. Food Safety Modernization Act requires the U.S. Food and Drug Administration to issue regulations protecting against purposely adulterated food.

The Asia-Pacific Economic Cooperation has also identified food defense as having a potential impact on trade, and in 2007 it endorsed for adoption by its members a set of nine food defense principles. The Philippines was designated as one of four APEC pilot economies to take part in its food defense pilot program conducted in 2011.

The agriculture department hopes to present t he f ina l g uidelines for approval later this year.

NGCP... from page 13

Perez-Alabanza said the transmission line project is expected to be completed in the first quarter of 2014 while the substation expansion is scheduled to be finished in November 2014.

G enSa n, a s t he c it y is popu larly ca l led, has experienced a construction boom since the last few years with the entry of new hotels and shopping stores, which include Robinsons and SM malls.

It is also home to six of the country’s seven tuna canneries.

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The project, which is also part of the bigger initiative called Reliability Compliance Project I-Mindanao, has a n E n e r g y R e g u l at or y Commission-approved budget of P623.5 million, Perez-Alabanza said.

The Reliability C ompl ia nc e P roje c t i n Mindanao aims to enhance and expand NGCP facilities to be able to comply with the Philippine Grid Code’s requirement of N-1 contingency, or the ability of the transmission grid to operate normally despite the loss of a major system component.

NGCP is a private corporation in-charge of operating, maintaining and developing the country’s power grid. It transmits highvoltage electricity through “power superhighways” that include the interconnected system of t ra nsm ission lines, towers, substations and related assets.

Coconut... from page 16

used as raw material for doormats, ropes, brushes and matresses.

Earlier this year, the PCA, with the DTI, announced its aim to boost the country’s coco coir industry, to push the Philippines to rank third among the world’s coco coir exporters by 2016.

Mangrove... from page 20

of the Lumbucan Mangrove Pla nters Associat ion ( LU M PA) , w h i c h w i l l oversee the protection and maintenance of the project.

Recososa in message said that his class batch had “initiated the project as their community advocacy in the environmental care and protection.”

Tamayo in his message for the occasion said that the target for Agusan del Norte for next year will be 5,476 hectares to be reforested.

This will be the provincial contribution according to him for the 28,734 target hectares for reforestation in Caraga region next year.

H o w e v e r, Ta m a y o commended the ANHSClass ‘90 for their initiative, which, according to him were the first to sign a partnership pact with the regional DENR here in Caraga. “It’s not the size of the area which matters such as what we have offered to this class,” he said.

It is the gesture as this will be a show window for the other groups to follow and sign partnership with the DENR in its tree planting programs under the national greening program (NGP),” Tamayo said. (PNA)

Coastal... from page 20

“We are here to show the people especially those living near the coastlines that it is important for us to take care of our seas and to join in the battle against marine trash, Environment and Natural Resources Office (ENRO) Head Ramon Serapio said.

Among the items col lec ted by t he g roup were food wrappers, glass and plastic bottles, plastic bags, disposable diapers and coconut husks.

T h e c l e a n-u p d r i ve was also participated in by representatives of the Department of Interior and Local Government (DILG) and barangay officials.

T h i s e nv i ron me nt a l campaign is done simultaneously by other local government units (LGUs), c onc er ne d gover n ment a genc ie s , a nd p e ople s’ organizations in various coastal areas of the country.

(WDA/PIO-LDN)

DPWH...

from page 20 trees, Naga City Mayor John Bongat said the secretary’s act demonstrates President Aquino’s reliance on the voice of the people.

Singson was among the resource persons during t he recent invest igat ive s e m i n a r s p on s ore d by the Philippine Center for Investigative Journalism in Manila where he was asked about his decision on the stiff opposition to the P100million road widening project here as it means the cutting of 651 decades-old trees.

“I have already instructed the regional office in Bicol to look for another site where the funds could be diverted while the DPWH will just construct a bike lane in the area,” Singson was quoted as saying.

The Naga City People’s Council (NCPC) had initially questioned the P100-million project since last May and asked that the funds be transferred realigned to the expansion of the nearby Almeda Highway, arguing that the cutting of the old trees is against the national gover n ment ’s g re en i ng program to plant at least one billion trees.

The NCPC’s protest drew strong support from other organizations and the Naga City Council.

NCPC officials said it wou ld be resent f u l a nd painful to see these old trees condemned just to give way to a road widening project that is not needed anyway since traffic in the area is not a problem. (PNA)

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